LeddarTech Holdings (LDTC) shares were down nearly 39% in recent premarket activity Wednesday after the company overnight announced a plan to cut its workforce.
LeddarTech said late Tuesday it is reducing its workforce via temporary layoffs of about 138 individuals in all of its locations and across all departments within the organization, representing roughly 95% of the total workforce. The company said it is seeking to preserve cash and wants more time to pursue discussions with its lenders.
LeddarTech also needs additional time to continue to assess potential alternatives pertaining to a restructuring of its obligations and a sale of the business or certain of its assets, among other things, it said.
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